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. >> the rising cost of sandy, one major risk modeling firm now says the economic losses from the storm could reach $50 billion. >> and china steps insecurity ahead of next week's com you uhe nis party congress. even model airplanes have been grounded. if you're just joining us, very good morning to you. this is where we stand. we are at the moment dow 24 points below fair value. let's show you where we is an with you're feuropean stocks. cac down half a percent, ftse 100 down 0.2%. let's show you some individual stocks in focus. losses on friday hurt by a sector wide slump. equipment maker cutting back spending down as you can see merely 7%. rbs coming out with results this morning. this is the uk bank with a government owned majority and part nationalized lending reporting an increase in third quarter. deutsche telecom considering slashing it dividend according to reports. let's show you where we stand on the currency markets. the dollar today ahead of the u.s. jobs report. we'll show you sterling-dollar slightly weaker. dollar slightly firmer against the aussie. and dollar firmer against t
. >> campaigning resumes as the northeast assesses the damage from super storm sandy. good and big earnings day for oil giants giants. shell sees a fall and exxonmobile due to report before the opening bell. >> growth recovery may be near. official october pmi bouncing back into expansion territory. >>> we're under way just one hour and an awful lot to to get to. >> new york city still struggling to right itself after monday's super storm. one stap he have the big apple will return, the mta will resume partial subway service on 14 lines. la guardia airport will also reopen at 7:00 a.m. with limited service. amtrak says it will try to restore service to penn station come friday. >> homes in bay ahead are seriously damaged or destroyed. president obama got a firsthand look with governor chris christie yesterday afternoon. >> and danielle lee joins us, she's in the town of toms river. and we know this is one of the hartest hit areas. with you tell us how extensive the damage is? >> all of those popular summertime vacation communities are cut off from society. and there are stand reminders, bits o
me is margie of wells fargo, sandy duncan and chris bertleson and rick santelli. thanks for joining us. rick, i'm going to kick this off with you. what are traders saying ahead of tomorrow's election? >> they certainly expect a lot more movement in markets tomorrow and the following day. today was a go nowhere range day. even in the stocks they move into positive territory. dollar index has been firmly but lightly in positive territory with little turnover. same with the euro. many traders are saying, you know, it was momentum that propelled the giants in baseball. so, they're putting a lot of stock in momentum, which may be a positive for the challenger in the form of mitt romney but everybody has their own unique foibles how they want to proceed on the trading side. traders aren't giving me anything solid as a glimpse into who wins but they seem optimistic they think the fiscal cliff will be dealt with, but it won't be dealt with until next year and dealt with retrospectively. >> i would agree, that's what people are saying now. chris, regardless, you're saying you're staying neut
? >>> stocks didn't fear sandy. stocks up 136 points. good evening, everybody. larry kudlow with my colleague michelle caruso-cabrera. five days before the election. is new york mayor mike bloomberg using hurricane sandy to score political points by endorsing barack obama? rudy giuliani will be our special guest. >> and why are politicians brow beating insurance companies in to how to run their businesses? it eats an attack on free market capitalism. >> a special edition of the "kudlow report" begins right now. >>> sandy, the road to recovery. the cost of sandy's destruction on the rise. gas lines stretch for miles. and so does the traffic jams. billions still without power. food getting scarce. nerves break. how past can we rebuild? tonight we look for answer. plus the markets rally and the reaction of a lifetime days away. this is a special edition of the "kudlow report." >>> hurricane sandy may be over, but tonight many in the northeast remain without basic needs. power, water, gasoline, and the road to recovery looks grim. here's what we know right now. total losses in sandy, now estimate
kernen and andrew ross sorkin and today mark as full week since sandy battered the northeast. mass transit and power lines are slowly coming back. here is fema's administrator. >> this will not be done in a year. this is a long term commitment. >> gas lines still stretch for miles in many parts of the new jersey area, but officials say that more fuel is moving in. >> there will be more of a supply of again and more of a distribution. >> this morning we are searching for solutions asking what can be done differently to make sure everything from gasoline shortages to mass power disruptions don't happen again. our kate kelly will join us from new jersey in just a moment. also among our guests, john ike burger of the national association of convenience stores. his members sell 80% of all the gasoline in the united states. now making the cleanup and recovery even more difficult, we have forecasters warning that a harsh nor'easter is on the way. we'll have a live report from the weather chan nenel in 20 minutes. amid all the problems is tomorrow is election day. the candidates are making
decline in shares since they hit the record high of more than 700. >> recovery from sandy continues. manhattan gets power back and most subway service is restored although millions in the region have no power or heat with tens of thousands this morning homeless. >> we'll begin with a big week for the market. first up tomorrow's presidential election in this country. polls show the race between barack obama and gop challenger mitt romney to be a dead heat. on wednesday the greek parliament is due to vote on a package of austerity measures and then china's congress convenes for once in a decade leadership change. that's not evening mentioning ecb. there's been some that have said this is potentially the highest concentration of risk of the entire year. >> i heard this. it's embarrassing to hear. what's happened the whole time is there are managements that have made money during this period and managements that have failed and models that have made money and models that have failed. i spent a lot of time this weekend going over the last five years of stocks. what i find is that you hav
. is the number really as good as it looks? >> the death toll from sandy now stands at 94 as more than 3 million homes still without power now facing colder weather, gas lines stretch for miles and controversy surrounding new york's decision to hold the marathon this sunday. >>> the ipad mini on sale but lines are shorter than expected. we're live at apple stores for the reaction. >>> and starbucks, same store sales up 7% well above expectations. what is howard schultz doing that mcdonald's, chipotle and other restaurant chains are not? >> the report before tuesday's election. nonfarm rose in the month of october above forecast of 125,000. august and september figures were revised higher, 184,000 private sector jobs were added last month. the unemployment rate ticking higher to 7.9%, but this was in line with expectation. it is the private company jobs addition that are the real highlight. government hiring contracted, so with all the private sector that was behind stronger than expected number here. >> that despite the fact it seems businesses have been reluctant to make significant additional
was shut down because of sandy. this morning futures down by about two points. nasdaq up by about 2 1/4 points. >>> jfk and newark airports both operational on wednesday, but saw very few flights. jpk is seeing more arrivals than departures, but net back to normal. courtney reagan is at laguardia this morning. >> reporter: good morning. so we haven't yet seen a plane take off here. the first plane is scheduled to take off in about 40 minutes from now. i've been here for over an hour and i got to say, i have never seen laguardia so quiet. i think there are more employees here than passengers. and i went counter to counter and american airlines basically said when i asked how many flights were scheduled to take off, it is very, very limited. he said it will keep changing all day long. air tran said they don't have a plane taking off until 1:00. it's like you were talking about earlier with that coordination, you have to get all the people in the right places. so i think laguardia will see what jfk and newark saw yesterday with more arrivals than departures. normally about 1,000 flights
're faced with in the economy, on the heels of sandy, how do you want to allocate capital? what are you telling investors? >> well, in terms of where the liquidity is going, because we have these liquidity ways, i think you want to be in shorter duration assets if you're going to look at the fixed income markets. you have to believe rates are going to go up. then you have to look at equity groups. that's where the last waves go into the more risky assets. >> and you're seeing that? >> yes. >> all right. we'll leave it there. chip, good to have you on the program. jeff, rick, thanks very much. let's keep our focus zeroed in on the markets. bill stone helps to oversee more than $55 billion in assets. hendrick is in charge of about $100 billion. we want to find out where they're putting their money to work and how they see this market. both join me now. gentlemen, good to have you. bill, you say it's time to be more cautious in equities? >> yeah, we recently really lowered our allocation down to baseline. i think it's for a lot of the reasons that were discussed. even once we get past the
. new star has had to get a little bit creative because in the aftermath of hurricane sandy, they and others like them have had to do the best they can to accommodate their customers after damage and marine terminals that in many cases cannot be used. about a mile down the road nustar's facility has been damaged by the flood, battered by tidal surges, filled with debris and they're still working on that. other terminals in this area are in similar spots. as of today, at least a half-a-dozen of them are fully or even partly running. including facilities run by bp, hess, and phillip's 66. these locations provide a crucial link between refineries who make the products and the airports and gas stations that distribute them. but as these get rehabilitated, electricity outages in this area remain a major problem. some of the operators have told me they're a little bit baffled by the fact that they are resupplying on a steady basis, yet there are still huge fuel lines snaking but the region. the only thing they can think of is there is not enough power at gas stations to get that f
in the area impacted by sandy? that's the big question this morning. joe knows this very well, on my way in today, i had to take a taxicab for $125 because jeeves was this line to get gas, he was out of gas. >> i tried to take a car, my guy who i call -- he is not, but he nights as well be a former -- he has never failed. on on tuesday he came. and there have been snowstorms in the past where we've gone off the road, around, jack moved tractor trailers to get here's couldn't get gas. and so then i had to use -- i had a certain amount left in reserve. my gas tank is locked because people are siphoning now. >> it happened to one of our producers. >> there are people with guns. first 12 lines have to to do with troopers being there, you're not getting gas, people pulling guns, fights, frustrated. i saw something, and mill burn is a pretty of a through event community. and this one gas station finally got power, in addition to a five hour wait for cars on the other side, there were people, i don't know, somehow reminded of almost leak refugees. probably 120 people all with gas cans and three
maintained its 2012 targets despite super storm sandy. we'll speak to the cfo. >> plus coming up we bring you your very own blockbuster. [s #. >>> china releases improved economic data for october on the second day of the communist party congress. beijing inflation continues to cool. >> allianz maintains its full rear target despite super storm sandy on the back of solid quarterly results. we'll hear from the cfo. >> luxury goods make ir announces two ceos but admits to slowing asian sales. >> and credit agricole pays a steep price to exit greece as it takes a hit on the sale to alpha bank. >>> britain's trade deficit narrowed a little bit more than expected in september. third quarter construction up, but also falling by an amount similar to earlier estimates reduces the chance of a downward revision to that strong third quarter gdp number, as well. so official data showing britain's deficit shrinking to 8.4 billion pounds in september. it was 10 billion pounds in august. the quarterly trade graph closed, as well. just for the record, economists were forecasts september goods deficit of 8.9
president. not one single day. not one single day. >>> and we ask a key question tonight. is hurricane sandy so much worse with the loss of life and incredible suffering covering a third of the country? is that going to put voters in an angry, frustrated and ugly place? so much so that it damages president obama's re-electionesre-electio re-electionest. >>> we begin tonight with breaking news. after a friday filled with fury, michael bloomberg gave into the criticism and canceled the ing new york city marathon scheduled for this sunday. let's go live to cnbc's brian shactman with the latest. good evening, brian. >> reporter: hi, larry. as late as midafternoon mayor bloomberg was adamant that the race would go on. preparations were moving forward from the equipment to people signing up. but basically the negative momentum swung actually early this morning with the publication of a front-page article in the "new york post" about the huge generators that were being used to power the new york city marathon in central park. there was actually a third generator sitting idle. all three of those cou
8%. >> big move there. thanks, scott. >>> is the clean-up from sandy rolls on, another storm headed toward the eastern seaboard. how bad is it going to be? the weather channel is tracking it for us next. >>> plus, the political impact of the storm. it was foggy before. may be starting to get clearer now. from local communities to local businesses. the potential of yelp unlocked. nyse euronext. unlocking the world's potential. to a currency market for everyone. the potential of fxcm unlocked. nyse euronext. locking the world's potential. >>> in the first days after the storm, president obama toured the damage and received praise for his leadership. but as the gas lines grew and tempers got short, new damage uncovered could be images and headlines turn against him. john harwood is at an afl-cio phone bank where they are urging voters to get to the polls. governor christie seems deeply in command the way the federal government has stepped in to help. this is the third hurricane i've covered in my lifetime, andrew, katrina and now this. we are at the point where the population gets furi
had trying to help the northeastern united states come back from hurricane sandy. >> i talked to people in the utility industry because i have a lot of people on. there's a lot of feeling that the politicians are going to really come down on the utilities after the smoke clears here. i'm hearing it from high level people in the utilities saying no matter what we do, easy times for stockholders could come to an end. >> there's no rule from god that con ed or whoever has to be the utility in any part of the country. >> something to watch. that group has been strong. it's been viewed as an unregulated group that used to be under the jacket of regulation. it could come back. >> many have dividend yields that are significant in these low yield times so they are attractive for that. con ed says it isn't going to try to assess what costs are going to be. >> if you're a politician, they're an easy pinata. red cross, no. con ed, yes. >> more on your money and your vote. we'll get you the opening bell. ralph nader was a third-party candidate in the 2012 presidential election. we'll ask
winds to the northeast as the region still tries to recover from sandy. a live report from the weather channel. >>> u.s. equity futures are flat at this hour after a big selloff yesterday. a couple individual stock stories that we're watching. apple is in a bear market, down more than 20% from its all time high on september 21st, the day the latest iphone went on sale. apple still enjoys the world's largest market cap. i think maybe yesterday michelle was doing fast money or halftime report or whatever it was and he was talking about you start -- you start shrinking things to make new product or you put out a different color of the ipad. the true innovator already died. every place he went, people were long apple and they already overloved it, so he shorted it at much higher levels. and so far so good. >> got to get that analyst back. >> google was supposed to get there. never made it either. but kind of ugly. >> google probably has a better chance than apple. >> when it had $150 billion market gap, i said it's a gadget company, it can't possibly. so i -- i recuse myself. anyway, qualc
sandy struck. and a cold snap is setting in to the region and nor'easter is forecast for mid week. more fuel facilities are coming back on on line. hess has restored several terminals. governor christie has imposed an odd/even rule, this is when drivers could get gas to alleviate over the extremely long fuel lines. >>> on the eve of the u.s. elections, the race for the white house couldn't be any teeter. the final "wall street journal" poll of likely voters shows president obama leading mitt rom any by just one percentage point, 48% to 47% margin. polls in many battleground states remain too close to call. a running average of all national polls by real clear politics has the two men between 0.2% of each other. >>> at the same time, romney may not get to label china a currency manipulator if he becomes president because the power to do so doesn't lie with the commander in chief, but with the u.s. treasury secretary. analysts warn that provoking beijing could put bilateral trade at risk. joining us for more, chairman of the asian pacific council at the american chambers of down. steven,
to the downside, so is telecom, in the wake of superstorm sandy. right now, here's how we stand, virtually unchanged. write this number down, maria, 13,90.84. we'll explain the significance of that level of the dow later in the program. right now we're just above that with a gain of four points. nasdaq's up 13.5, high of the session suddenly at 2995. apple's doing well today. sold a lot of ipad minis over the weekend. s&p up 1 1/3 at 1415.50. >> market flat ahead of the election, with some groups on the move. >> in today's "closing bell exchange," todd is with us, so is bill, and steve liesman and pisani with us as well. it's expected this market is going to stand and wait to see what the election results are going to be like for tomorrow, right? >> hey, it's human nature. i mean, people have been paralyzed with all these horror stories about fiscal cliffs and the end of the dollar and the end of america. so, when in doubt, do nothing. hide your cash, sit on the sidelines. but i think there's going to be a big plunger effect that could really unleash tidal waves of money as people start to
, the horrific and tragic superstorm sandy. this caused so much harm across the northeast. but tonight, i want to throw a little curveball at you and focus on a different disaster. talking about the macondo oil spill that left bp on the hook for a staggering $50 billion worth of liabilities. why am i coming back to macondo when everyone else is focused on sandy? because so far, in order to cover that $50 billion bill, bp has been forced to sell $35 billion worth of assets. the companies which have bought those assets tend to be doing really well. we're getting all these quarterly reports. why, because they've got some pretty good deals from bp. now that bp is nearing the end of its asset disposal program, i wanted to highlight the opportunistic buyers that have been able to swoop in like vultures and pick off pieces of bp at bargain basement prices. bp is the true motivated seller. they have no choice. they needed the money and they needed it now. anybody with the good fortune to be ready and to buy anything from them has gotten a terrific deal. bp is like a helpless giant. i'm going to tell y
points ago. the same time i told you with hurricane sandy approaching, clean harbors was exactly the kind of company to look at. fast forward to this morning, clean harbor a very solid quarter. up $1.90 on a hideous day. slow down and drilling hurts big harbors because it's one of the biggest, dirtiest industries that they clean up after. industrial services sell 15 percent. now, some people thought it was a little light. but none of the forecasted reflected revenues from the emergency response association with hurricane sandy. it's too early to estimate how big that business will be and how long it will last. in short, that means the possibility of these numbers. i've been a fan of clean harbors for ages and the stock is up 76 percent since i first got behind them in june, 2010. could this be the right time to get aggressive? let's talk to the chairman and c.e.o. of clean harbors to learn more how his company is doing in this environment. the stock is down -- the stock was up huge when we spoke last, but i think that's deserving of it. i'm going to ask you right now, at the top of your c
? >> retailers like macy's finally quantifying the effect of hurricane sandy. walmart kicking off black friday earlier than ever. we start this morning with the markets looking to bounce back from yesterday's selloff and nearly 1313 drop in the dow. europe on wall street's radar after the ecb and bank of england kept key rates unchanged. draghi holding a press conference right now saying he sees economic rekafr ri remaining weak and reforms are crucial to boosting growth potential on top of greece passing an unpopular package of austerity measures on wednesday and necessary for greece to receive another round of international financial aid. china's ruling communist party congress con vealing today in a leadership change. so much to digest overseas, jim. what came out of the ecb is expected. came out of greece seems to be largely expected. but spain still resisting. a bailout. that's trouble. >> i know. every day the crucial -- that's the crucial link. you have to give them the good loans. take away the bad loans. create a situation of two banks and they're gone from 760 to 708. i think that th
was hurricane sandy to this whole story? romney had tremendous momentum after all three debates, okay. then comes hurricane sandy. the romney campaign is basically suspended for about five days. you've got president obama looking presidential and getting a bear hug with governor christie of new jersey. how much do you think that hurt the romney operation? >> larry, it froze the race in place for five or six days as you pointed out. the governor canceled several events in virginia as did the president. right thing to do. it did stem that tide of momentum i think a little bit in virginia. and certainly gave the president the chance to dominate a few news cycles to do what they needed to do and fema did a good job. even though most of the efforts state and local governments, president was out there doing the right thing. partisanship goes out the window during natural disasters. it hurt governor romney because he had five days he couldn't do anything. hopefully that won't hurt him in virginia. i still think we win by a couple. >> thank you so much, governor. >> governor, a lot of republi
to talk about the damage from superstorm sandy it is making it very difficult for thousands of people to vote. and to make matters off, yet another northeaster is headed our way tomorrow. a live update coming up for you here on "power lunch." but when i was in an accident... i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. so i never missed a beat. that's health in numbers. unitedhealthcare. >>> welcome back to power lunch, i'm bertha coombs. batching shares of ringo, a small company, but a very big patent case going on now in virginia. the jury has been now deliberating for four days, a fourth day today. they are suing google, aol and others over search patents that they say those companies have infringed on, search patents they had bought back from lycos years ago. today, the stock broke, two individual stock circuit break, this morning, a number of players anticipate we may see a verdict. we will give you more if we get more news. these one of the stocks that is halt ted moment and we are watching. tyler, back to
lows in yesterday's session. we're digesting economic data which show the impact of hurricane sandy. retail sales down 0.3%. down five of the past six sessions. eurozone industrial production dropping the most in three years. we do see red arrows across the board. a big meeting today in washington between ceos and the president over the fiscal cliff. reports today say obama wants 1.6 trillion in new taxes, two times what republicans were offered last year. is this whole negotiation going nowhere? >> cisco not only surprises the street with a beat but says the u.s. enterprise business is showing signs of improvement. >>> and abercrombie silences the shorts. >> the president is scheduled to meet with a dozen ceos this afternoon to hear their concerns about looming tax increases and spending cuts. 73% of participants in a "wall street journal" ceo council conference said the fiscal cliff is their primary concern. goldman chairman and ceo lloyd blankfein talking about the importance of avoiding the fiscal cliff. he writes there's more than a trillion dollars of cash that is sitting on t
as hard by sandy as coastal and northern new jersey residents. the state has extended the deadline for displaced voters to return their ballots to 8:00 p.m. on friday. there is a lot more at stake than just the presidency, of course. we could also see a big shift in congress. it could have a huge impact on the looming fiscal cliff. eamon javers is looking at that angle. >> there's a four-vote margin if republicans are going to take over in the senate. they need four votes to switch into their column. they only need three, however, if mitt romney wins. that's because paul ryan would be the vice president. in the house of representatives, democrats face an uphill battle. they would need a net 25 seat gain in the house in order for things to switch over. that's caused a lot of people to focus on what happens with the fiscal cliff negotiations after we get this election tonight. as you're seeing there, you're looking at paul ryan's campaign website. remember, he's running for the house of representatives tonight as a hedge in case he loses the vice president vice presidency. will he be
the east coast just as it tries to clean up from sandy. danielle, good morning. >> hi, how are you today? i know so many people are amped up about today and anticipating this day for a very long time. we've been bringing you your election forecast and up into northeastern portions of minnesota as well as northwestern wisconsin, this is where we have the snow. all of the rain pushing in for you voters around midday, so watch for that into chicagoland. right now as we zero in, you can also notice there are quite a few icy spots right now. certainly projected off to the northeast of minneapolis. we'll take you a little bit further south, of course florida one of our swing states. and getting messier by the minute across sections of north florida and you can clearly see that that rainfall will make impacts for many of you across sections of the southeast including georgia and into the carolinas. some showery weather also for those of you in the northwest. in terms of tracking the storm system, the nor'easter that we've been talking about, this has clearly been on everyone's mind and we know how
attention to the northeast and weather. a week after being battered by sandy, storm stricken areas are bracing for a nor'easter as hundreds of thousands do not have power and a new flooding threat looms. want to check in with meteorologist todd gross back at hq. >> it's more than that. there's a real threat of significant snow in the new york metropolitan area and that's one of the things we're going to be discussing because there are still leaves on the trees, my friends, and that does not bode well as we saw one year ago when you have leaves on the trees and wet snow, it can be a major player in how the storm ends up. i'll explain what i mean. first of all, if you look at the satellite and radar combined, you can see the bright colors moving in on long island and moving in on new jersey. that is the actual first wave of precipitation coming in from this knockout nor'easter. there's already big winds from the storm. the big winds are in eastern massachusetts. nantucket gusting to 50 miles an hour already. there may be minor coastal flooding from the jersey shore through long islan
in the eurozone. and hanover beating forecasts saying it will be able to absorb damage claims from sandy without effecting its annual disaster budget. on the currency markets, aussie dollar 1.0423. rba keeping rates steady. dollar-yen slightly weaker, but still above 80. euro-dollar out of the 1.28 range that we've been trading in. that's where we stand on the european trade. on the day of the u.s. elections, let's get over to singapore. >> asian markets finished on a mixed note. the shanghai composite recouped early losses to close down by 0.4%. developers took a beating after data showed housing prices in the small business hub dropped 16% on on year. but shale gas producers surged on a new subsidy program. concerns over money laundering charges with the hsbc. nikkei finished lower as a stronger yen hurt exporters. nissan lost 2% ahead of earnings after morgan stanley slashed its price target. after the bell, the carmaker cut its full year forecasts as sales tumbled in china. the kospi ended higher by 1%. carmakers staged a rebound after yesterday's plunge. hyundai rallied over 4%. kia gained
.1 million barrels a day. impact of hurricane sandy in the u.s., reduced, as well. crude oil supply dipped to a nine month low. so the demand being cut, patrick armstrong is where us, managing partner at investment managers. but that's clearly because of global weakness -- well, economic weakness in europe and hurricane impact. >> definitely. year over year, oil demand is up. we've had very weak economy in europe. not much growth in the united states. but i think that's the trend we'll be playing out for the next few years. >> oil 110 at the moment. is that a fair price? >> there's premium built in because of geopolitical risks. i think premium is probably justifiable. you look at wti at $23 discount to where breptd is. that's not sustainable in the long time, but given inventory levels, that will stay. >> do you keep your trade on oil? >> we have neutral position, but we're short the front month. respe respect. we make money by rolling the contracts the other way around. we're long oil in the 12 months forward rolling in to the 13th month and we end up with little more oil with that strat
on the recovery from superstorm sandy. the storm caused an estimated $71 billion in damages in new york and new jersey, and some congressional aides saying the request for funding would likely be at least $11 billion. the move comes as canada gets close to its decision on whether to approve the transaction. the energy companies say discussions with the committee are still in progress, and of course they had to file approval because they have extensive operations in the u.s. gulf of mexico. >>> "the wall street journal" reporting that virtue is emerging as the frontrunner to buy knight capital. they would possibly sell off parts of that business. finally, we can't get away from the story of twinkies. the bakers union of hostess brands wants a bankruptcy judge to appoint a chapter 11 trustee to ensure an orderly winddown. the union is saying it objects the allowing incumbent management to supervise the lick wi addition. have you finished your twinkies? >> no, we're back to saving them now. we need to talk, because i read a piece in the journal today, which gave me a new insight into -- >> the jen
giving us an update two weeks after sandy historically closed sandy for two days. >> still a miracle they got things open when they did. we're oall following the latest in the general petraeus scandal. unbelievable twists, even today. we have a roreport from washington. then, more on how this story is shedding light on how anything you write can be accessed. pretty scary stuff and something to think about. >> really. in the markets right now, fractional gains right now. the dow jones industrial average off the best levels of the afternoon, but still showing a gain of about 17 points. looks like investors wait and see until we get some solutions on the fiscal cliff. nasdaq is negative by a fraction. down about four points. off of the worst levels, by the way. s&p 500 is up about 3 3/4 points at 1383. >> in today's "closing bell" exchange, we have carol roth, bruce mccain, and our own rick santel santelli. rick, i'm going to start with you today because we see that stutter step opening in the u.s. stock market. some of that could be attributable, i guess, to the plunge in spanish ten-y
you back to talk about that one. breaking news a major resignation in the wake of hurricane sandy. the chief of the long island power authority is stepping down. mike hurvay is announced his resignation as thousands of customers are still without power. but the top man is now out. we thank jeb for his insights. coming up what is in store for the future of this country and can the gop still sell free market commissions to the nation? radio talkshow host larry elder is going to join me next up. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. yes, it is. customer erin swenson bought so, i'm happy. today. sales go up... i'm happy. it went out today... i'm happy. what if she's not home? (together) she won't be happy. use ups! she can get a text alert
. economists are expecting a 4.2% drop and a report likely impacted by superstorm sandy. fed chairman ben bernanke is talking about the economic recovery today, we hope so. he'll have our lunch time address the economic club of new york and that starts at 12:45 eastern. >> harold ford jr., reasonable and good friend, joe watkins, white house aide to former president george h.w. bush. >> you didn't say he's reasonable. >> joe is right, but harold has potential. >> joe and i have known each other for almost 20 years, go back to university of pennsylvania, but joe and i have been friends for a long time. >> you'with you we'll talk fisc cliff in a second but you want to do a postmortem? >> you can't win without women, and can't win without latinos, you can't win without young people. you can't win on a single issue, and i just think there were a host of challenges. for me, the whole time, the sense that i had was that it was obama's race to lose, that he had the advantage. anybody look at the electoral college would have to say there were seven or eight easy ways for the president to win, i m
and a lot of the polling data, to the extent we care, sandy stopped mitt romney's momentum. momny was really on a high trajectory, now all of a sudden the race has changed and the polls are completely even. in your judgment, ann, how does romney get out of that box? he lost his mo, how does he get out of that box and win tomorrow night? >> i don't think he has lost his momentum. i think polls basically show the candidates tied in the swing states. except florida and north carolina, where romney -- i don't think they're even considered swing states anymore. even by the left. but of the remaining swing states, it's gone a little bit this way, a little bit that way, i wouldn't read too much into it considering the polls aren't going to be correct. the polls as ron johnson just said -- by the way, i spent the weekend in wisconsin, i did five different events, and they are very excited in the suburbs of milwaukee. i have romney winning at an absolute minimum 273 electoral votes. i don't usually do this because i'm confident romney's going to win because the country's really going in the wrong dir
, superstorm sandy may have devastated new york city, but turnout is heavy in queens, new york, as voters cast their ballots in makeshift polling locations. been like that in many parts of the tri-state area today. we're back in a moment. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#: 1-800-345-2550 and i'm in total control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. tdd#: 1-800-345-2550 their equity ratings show me how schwab tdd#: 1-800-345-2550 rates specific foreign stocks tdd#: 1-800-345-2550 based on things like fundamentals, momentum and risk. tdd#: 1-800-345-2550 and i also have access to independent tdd#: 1-800-345-2550 firms like ned davis research t
and the long island counties are mandating odd/even beginning friday. one more sign of sandy's impact. new york governor andrew cuomo estimates the damage in his state, alone, at $33 billion. cuomo assailed the power companies. he called for a ground-up redesign of the power and fuel supply systems. but i think what he ought to do is open the door to some deregulation and free market competition. this especially for the power companies. let the marketplace work, governor cuomo. you'd have better results during emergencies or nonemergencies. >>> anyway, coming up here, president obama wasn't the only big winner on tuesday night. the polling industry kind of nailed it. top pollster ed gullas is up next. ♪ [ male announcer ] a european-inspired suspension, but not from germany. ♪ a powerful, fuel-efficient engine, but it's not from japan. ♪ it's a car like no other... inspired by a place like no other. introducing the all-new 2013 chevrolet malibu, our greatest malibu ever. ♪ we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-
stocks are hammered in part because the crude futures came down since sandy caused a bill oil backup. you heard about that every night on the news. now gasoline is starting to flow again. i think crude can come back. you need to pick at the oils as i'm doing with my charitable trust. as for the banks, come on, they were not going to do that much better under romney anyway. bankers belly ache over dodd/frank. but they're getting good numbers and banks do nothing but belly ache anyway. i think they're getting oversold. overall, i look at most stocks like this. for the moment they are too high. but the process of wrenching expectations down is under way now. and so therefore is the correction. and ultimately, the capitulation. when we can beat the new lower expectations starbucks-style and bridge the fiscal cliff, i'm confident that we can come back strong. so here's my bottom line. we have cons galore. but there are some pros out there, too. unfortunately, it's sequential just like the cart before the horse. push the cons down before the pros bring it up. only then can we return to a more h
saying it's an ill-willed wind. that's how we talked about sandy until we heard about john turner. he runs natural catastrophe solutions. he was on the shore when he bought a scratch-off lottery ticket and won $100,000. turner's giving some to his church, saving some more and investing the rest in his business. you know what? it's nice to have a positive story like this every once in a while. >>> all right. many thanks again to our budget expert, doug holtz-eakin. hamas declares war on israel. israel ground force is now on high alert and ready to act, if necessary. all this while america's top intelligence agencies appear to be in disarray. we're going to try to get a handle on this nasty middle eastern story up next on "kudlow." >>> so is israel going to wipe out hamas, and what is iran going to do? this after an air strike kills a high-ranking hamas leader today. the mideast tinderbox seems like it's about to explode once again. let's talk, here now is our great friend, barclays senior geopolitical strategist, helema croft, former cia economic analyst. israel is going whole hog now
that the government can borrow at below 2%, and jfk. that was his way of putting it. that was before sandy. >> we don't need to build high-speed rail. >> i understand. >> really? we don't need to have solar energy next year powering all our cars. >> wait a second. i think there's a clean energy agenda over the longer term. but near term, if we're going -- >> it's not about jobs. >> i was with peter, we were in tokyo for the world bank meetings. peter has this great story. and it is about spending now and taking care -- >> this is the larry summers idea. >> jim liked it, too. >> it's not going to happen. >> it's not going to happen. you guys are really bumming me out. >> it's just not. >> i've even let you build a few things. >> the president only won this thing a few hours ago. >> we're going to have net fiscal contraction starting in 2013. that is where we are. >> net fiscal contraction. >> you're with bush in four years? i don't know. let me think about that. >> i'm a bush republican. as long as there's a bush republican running. >> i already threw christie out there. require want to get on the rec
average price $4.18 a gallon, in large part because of the impact of superstorm sandy and if you could get gas there you'd be willing to pay much nor it. >>> the fifth and final "twilight" movie had $141 million in north american ticket sales its debut weekend wasn't the biggest in the series but it was the eighth largest domestic opening on record. joe? >>> we are talking this morning about what washington can do to avoid going over the fiscal cliff, and we're joined once again by our guest host jeremy siegel, finance professor at the wharton school in pennsylvania and jeremy, you're not a new normal guy. you think 3% to 4% is, we deserve that? don't you into ed to earn that somehow? you need to earn success. you think it just happens in this country? >> we grew in the '90s 3% to 4% and most of the post-war period. 3% to 4% from this high unemployment would be disappointing. normally we'd bounce back from recessions growing 5% to 6%. >> it doesn't matter who is in the white house or what policies they're pursuing. >> i think it matters but i don't think it's the overwhelming feature. i th
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